One of the Principal Ways in Which Congress Intended the Fed

question 2

True/False

One of the principal ways in which Congress intended the Fed to provide insurance against financial panics was to act as a "lender of first resort."

---

Definitions:

Willful Misconduct

Intentional or deliberate wrongdoing, especially by an employee or official, that is performed with disregard for the consequences.

Internal Revenue Code

A comprehensive set of tax laws established by the United States federal government that governs federal tax obligations.

Client's Communication

Information exchanged between a client and a professional, often protected by confidentiality.

Accountant

A professional who performs accounting functions such as audits or financial statement analysis. Accountants can also act as advisers or consultants on matters related to accounting.